The Drilldown: Québec pays oil firm $20.5m to leave island

Québec has settled on a price to compensate the last of the companies formerly invested in exploring Anticosti Island for oil, Le Devoir reports. The province will pay Pétrolia $20.5 million after deciding to shut down exploration on the Gulf of St. Lawrence island in July. The effort to spur a petroleum sector in the region met with opposition from locals, environmentalists and First Nations.

In Canada:

NDP leadership candidate Guy Caron released his climate change plan Thursday, making him the last of the four candidates to do so. The Quebec MP offered a carbon price plan going into 2030, a partial phase-out of fossil fuel vehicles and a policy for climate migrants.

Internationally:

The North Korea crisis is having an impact on commodity markets, threatening to disrupt the global trade in industrial and precious metals that use East Asia as a hub. A Citibank note to clients anticipates impacts on crude oil, natural gas, iron, copper, nickel, coking coal and thermal coal, the Financial Post reports.